Economy

The Only Way To Get It Done

The Obama Administration has been clear from day one what they expect to get out of budget negotiations, but you may not think so if you were to listen to the constant stream of pundits and media personalities yelling at the administration for not taking a firm stance.

As far back at February, President Obama made it perfectly clear that revenue increases have to be a part of any deal. That there is simply no math which says you can solve our long-term problems with spending cuts alone. And for the umpteenth time today, the administration stated precisely what they are looking for.

A reminder for those who have seemingly been paying no attention to every other statement released by the White House and the president himself over the last five months.

The White House announced today that it is seeking to raise $600 billion in revenue through new taxes and the elimination of corporate subsidies as part of a deal to lower the deficit and raise the debt ceiling. [...]

White House Spokesman Jay Carney echoed the calls of many Democratic legislators, saying any deal must include tax hikes or the elimination of subsidies, setting the stage for a showdown with Republicans over the next five weeks.

"It's the only way to get it done," he said.

"It's the only way to get it done" sounds pretty firm to me. And that's not simply a political position. It's a mathematically supported position and is entirely consistent with every other official statement released to date.